National Semi’s Shares Fall on Analyst’s Note
- Share via
National Semiconductor Corp. shares fell 17% after a Salomon Smith Barney analyst said orders for chips used in personal computers and flat-panel displays will slow this quarter.
National Semi slid $4.58 to $22.75 on the New York Stock Exchange.
Demand is slipping in the chip maker’s PC and flat-panel businesses, which together account for 24% of sales, Salomon’s Jonathan Joseph wrote in a note to clients.
There also may be excess semiconductor inventory by year-end in the cell-phone market, where Santa Clara, Calif.-based National Semi is gaining ground and gets 25% of sales, he said.
He cut his rating on the shares to “neutral” from “buy” and lowered his fiscal 2003 and 2004 profit and revenue forecasts.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
